Prepare a statement of cash flows for the year ended

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Reference no: EM131526348

Question: Shiver Corporation began operations on September 1, 2006, as an online retailer of camping and outdoor recreational equipment. The following financial statement data were taken from Shiver's records at the end of its first year of operations, August 31, 2007:

Accounts payable $ 32,400

Accounts receivable 51,840

Cash ?

Cash receipts from operating activities 903,960

Cash payments for operating activities 756,000

Capital stock 270,000

Cost of sales 432,000

Dividends 27,000

Income tax expense 151,200

Income taxes payable 21,600

Interest expense 16,200

Inventories 97,200

Note payable (due in 2015) 108,000

Property, plant, and equipment 408,240

Retained earnings ?

Sales 955,800

Selling and administrative expense 113,400

Instructions: 1. Prepare an income statement for the year ended August 31, 2007.

2. Prepare a retained earnings statement for the year ended August 31, 2007.

3. Prepare a balance sheet as of August 31, 2007.

4. Prepare a statement of cash flows for the year ended August 31, 2007.

Reference no: EM131526348

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